Frequently Asked Questions
Who is eligible to receive proceeds from this distribution?
Who is eligible to receive proceeds from this distribution?
Only policyholders, beneficiaries and claimants from participating territories whose policies, benefits, claims and values are validated and confirmed.
How will proceeds be distributed to policyholders?
How will proceeds be distributed to policyholders?
Primarily through bank transfers. Claimants who do not have a bank or credit union account will be paid through cashier’s cheque.
What documentation is required as part of the verification process?
What documentation is required as part of the verification process?
All valid policyholders/claimants should present one photo ID along with their birth certificate and proof of address. Where applicable, marriage certificates, decree nisi, death certificates, letters of administration, powers of attorney documents or probated wills may be required to substantiate claims.
How should I submit my documentation if I reside overseas?
How should I submit my documentation if I reside overseas?
Policyholders who reside overseas will be allowed to submit certified copies of their documents via email.
If I reside overseas and entitled to receive from the initial distribution, how do I obtain my funds?
If I reside overseas and entitled to receive from the initial distribution, how do I obtain my funds?
Transfers can be facilitated to policyholders who reside overseas. However, bank charges will be paid by the beneficiary of such funds.
Is there a preference for payouts?
Is there a preference for payouts?
There is no preference to payouts. Once all necessary documentation have been submitted by the policyholder and verified by the Judicial Manager team, payments will be executed.
What timeframe will policyholders or claimants have to submit their information?
What timeframe will policyholders or claimants have to submit their information?
We recommend that all information be submitted to our offices within two months from the date of official notice. Once all distributions have been completed, all unclaimed funds will be transferred to the local regulatory authority.
When will payments commence?
When will payments commence?
For Grenada, as the Judicial Manager has received approval from both GARFIN and the Court, we anticipate that payouts will begin shortly, pending the receipt and verification of all required documentation.
For all other participating Eastern Caribbean (EC) territories, once the necessary planning is completed and approvals have been obtained from the Court and other relevant authorities, we will initiate the verification processes required to begin making payments.
How long will it take to receive all funds owed to me?
How long will it take to receive all funds owed to me?
An initial distribution in Grenada is expected to commence in Quarter 1 of 2026 but this distribution only relates to some of the assets held in Barbados. We are working diligently with our legal team to have the remaining properties fully conveyed to the Government of Barbados. In addition, there are other properties within the EC which will be sold. Both factors will affect the timing of any future distributions.
How are payments calculated?
How are payments calculated?
The liabilities schedule was stratified into three groups – amounts between $50 to $1000, $1,001 to $15,575 and those greater than $15,576. Amounts between $50 to $1,000 will be fully paid, those between $1,001 and $15,575 can elect to receive a one-time payment of $1,000 and those $15,576 and over will receive a payout of 5.5% of their total balance.
Why did the Judicial Manager use a small claims approach?
Why did the Judicial Manager use a small claims approach?
The small claims approach resulted in the most favorable outcome for smaller policyholders plus administrative cost savings. In totality 16% of the policyholders/claimants will receive a full reimbursement of their policy benefits. For the small claims group 1001 to 15,576 a further 54% of the claims can be full extinguished.